At the Open on Tuesday
SPY –
QQQQ –
FAS –
X –
AMZN –
RIMM –
DOW –
UAUA –
MA –
BUCY –
NVDA –
LRCX –
WHR –
AAPL –
AKAM –
AMD –
CREE –
KLAC –
PCLN –
DECK –
NFLX –
ISRG –
FLIR –
CAT –
DE –
PCP –
UNP –
STLD –
POT –
AGU –
ACN –
ICE –
CME –
Tuesday, December 29, 2009
Futures Pointing to a Higher Open...
1:25 pm ET - NKE is pausing at resistance...AAPL, GOOG, BIDU along with other Nasdaq stocks are pullig back today...AMZN has given back its early gains...semiconductor stocks are also lower for the second straight day, although Tuesday's pull back is less than Monday's so far...
12:55 pm ET - NKE is at a potential breakout point above 66.08 with a measuring distance of 4.54 and a chart target of 68.62...our exit on X yesterday looks to have served us very well and it appears to be in process of forming a bull flag...we will stay focused on a potential higher low on the X chart...SPX continues to consolidate down 1 point and XLF is down 1 cent...DECK is also enjoying a support bounce after coming within 11 cents of its 30 DMA and bouncing, now up 76 cents...
10:30 am ET - Stocks are mostly consolidating this morning with the INDU +29, SPX +2, COMPQ +1 and RUT +0.43...XLF is up 3 cents...XLB is the leading sector up 14 cents...leading stocks include FLIR, MSFT, AMZN, NVDA, CHKP, ESRX, DOW, FCX and AA...AAPL, GOOG and BIDU have turned slightly negative from pre-market trading...
BMO – ES +4.00 and NQ +5.00 futures are higher in pre-market trading pointing to a higher open. AAPL +0.66, AMZN +1.59, GOOG +0.82 and BIDU +1.26 are higher in pre-market trading.
Based on pre-market trading it looks as if the SPX is has to move towards the next resistance level of 1,033. There is still a 1,234 chart target for the end of January.
The Euro is up 66 pips in overnight trading. Oil is quoting up 12 cents in electronic trading. XLE is up 25 cents in pre-market trading.
SPY is up 37 cents in pre-market trading. XLF is up 5 cents in pre-market trading. Watch XLF as a key to sustain the breakout in the SPX.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,106 - 1,117
Resistance = 1,125 – 1,133
Trading Down: POT
Trading Up: AMZN, FCX, CREE, X, RIMM, UAUA, AKAM, NFLX
Look at these Charts…
(click image to enlarge)
At the Open on Tuesday
SPY –
QQQQ –
FAS –
X –
AMZN –
RIMM –
DOW –
UAUA –
MA –
BUCY –
NVDA –
LRCX –
WHR –
AAPL –
AKAM –
AMD –
CREE –
KLAC –
PCLN –
DECK –
NFLX –
ISRG –
FLIR –
CAT –
DE –
PCP –
UNP –
STLD –
POT –
AGU –
ACN –
ICE –
CME –
At the Open on Tuesday
SPY –
QQQQ –
FAS –
X –
AMZN –
RIMM –
DOW –
UAUA –
MA –
BUCY –
NVDA –
LRCX –
WHR –
AAPL –
AKAM –
AMD –
CREE –
KLAC –
PCLN –
DECK –
NFLX –
ISRG –
FLIR –
CAT –
DE –
PCP –
UNP –
STLD –
POT –
AGU –
ACN –
ICE –
CME –
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6 comments:
Thank you for this morning's commentary, Dave!
Have a great week!
Laney
Dave,
Sold a few Feb 60 X calls this morning against my April long calls. Hope I picked the right strategy here. Thanks for the heads up on NKE.
Gary
Gary, and Dave J
Would you not want to sell Jan X Calls (front Months)
instead of Feb X calls I have the same trade on ???
Thanks 50 BDK
50 BDK,
I probably sold the wrong month because theta would be working for me if the pull back lasts the week. However I didn't want some profit taking and a fast move up in the stock effect the overall trade. Since it's only my second time selling the calls on a long trade, I'm being cautious on the trade. Hopefully Dave replies and gives us some insight.
gary
Gary
Hopefully you have trading rooms or better yet V.Coaching to ask Dave, the question I have only Trading rooms. Next week I will post in Wed or Thur Trading room, Monday can listen to recording
50 BDK
Gary,
Generally a trader would sell the front month, however if the pull back is larger, then the Feb can produce a better return or give more protection since you receive a larger premium. So it not may not be clear until after the trade is over which actually would have produced the better return.
Dave
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